Scientific Games chair open to 39% share sale
Billionaire Ronald Perelman is exploring the possibility as part of his investment firm’s realignment
Scientific Games chair Ronald Perelman has indicated he would be open to the possibility of selling his 39% share in the Las Vegas-based supplier.
An SEC filing from the firm stated that Perelman had “determined to explore a possible sale of the Common Stock” that he currently holds.
The 77-year-old billionaire’s shares are managed via his MacAndrews & Forbes investment firm, whose subsidiaries include three Scientific Games acquisition branches and RLX Holdings.
MacAndrews & Forbes owns a total of 36,705,736 shares, accounting for 38.9% of the total, while Perelman’s ROP Revocable Trust, of which he is the sole beneficiary, owns an additional 97,106 shares – rounding his total percentage share up to 39%.
There are no definitive plans in place for sanctioning a sale, nor is there a certainty that a sale will be made.
The SEC filing read: “The Reporting Persons [Perelman] have not formulated any specific or definitive plan or proposal relating to the matter…and there can be no assurance that any transaction will occur or as to the terms of any such transaction.”
Perelman’s decision to readjust his finances is not solely related to his shares in Scientific Games.
The American, who also owns significant shares in AM General and Revlon, has seen his worth plummet from $19bn in January 2018 to around $7.8bn today.
A MacAndrews & Forbes spokesperson told Bloomberg that Perelman’s financial reconnaissance had been exacerbated by the current social and economic pressures globally.
Josh Vlasto said: “Due to changes in the world both socially and economically, we have decided to reset MacAndrews & Forbes in a manner that will give us maximum flexibility both financially and personally. This will allow us to be opportunistic and flexible in looking at new situations.